RED RIVER VALLEY FAIR ASSOCIATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1905

Legal Domicile

Principal Officer

CHRIS HEISE

Phone

7012822200

Tax Period

2024-11-01 to 2025-10-31

RED RIVER VALLEY FAIR ASSOCIATION, founded in 1905, is a community nonprofit that reported $8.3M in total revenue in fiscal year 2024. Revenue decreased 12% compared to the prior year. Expenses of $7.8M left a modest 6% surplus.

Mission

TO PROMOTE, FOSTER, OPERATE AND MAINTAIN A FAIR, AGRICULTURAL AND LIVESTOCK EXPOSITION, ANNUALLY, AT THE RED RIVER VALLEY FAIRGROUNDS, WEST FARGO, CASS COUNTY, NORTH DAKOTA

Program Service Accomplishments

Program 1

OPERATE THE ANNUAL RED RIVER VALLEY FAIR, PROMOTING AGRICULTURE AND BENEFITING THE COMMUNITY.

Program 2

OPERATE ANNUAL AGRICULTURE EXPOSITION, BIG IRON, ALONG WITH OTHER EXPOSITIONS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,217,613

Program Service Revenue $5,465,454

Investment Income $24,112

Other Revenue $585,394

TOTAL REVENUE $8,292,573

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,767,526

Fundraising Expenses $0

Other Expenses $6,006,023

TOTAL EXPENSES $7,773,549

Year-over-Year Comparison

	2024	2023	Change
Revenue	$8,292,573	$9,466,412	-0.1%
Expenses	$7,773,549	$9,198,529	-0.2%
Net Income	$519,024	$267,883	+0.9%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

145

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$359,376

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
VERN HOFMAN	MEMBER	1.00	Director	$0	$0	$0
DUANE HAUCK	MEMBER	1.00	Director	$0	$0	$0
CHRIS HEISE	PRESIDENT	1.00	Officer Director	$0	$0	$0
MARY MORKEN	MEMBER	1.00	Director	$0	$0	$0
JERRY RAGUSE	EXECUTIVE MEMBER	1.00	Director	$0	$0	$0
ROBERT RASMUSSEN	VP/EXECUTIVE MEMBER (4/2025)	1.00	Officer Director	$0	$0	$0
ROGER ARZT	MEMBER	1.00	Director	$0	$0	$0
RENEE ATKINSON	MEMBER	1.00	Director	$0	$0	$0
RHONDA BENSON	MEMBER	1.00	Director	$0	$0	$0
EDDIE BERNHARDSON	MEMBER	1.00	Director	$0	$0	$0
ALISHA NORD DONNELLY	MEMBER	1.00	Director	$0	$0	$0
GLENN ELLINGSBERG	MEMBER	1.00	Director	$0	$0	$0
MIKE FAUGHT	MEMBER	1.00	Director	$0	$0	$0
JONATHAN GARAAS	LEGAL COUNCIL	1.00	Director	$0	$0	$0
KEITH GOHDES	EXECUTIVE MEMBER/VP (4/2025)	1.00	Officer Director	$0	$0	$0
JONATHAN HAUX	MEMBER	1.00	Director	$0	$0	$0
BILL HOFFMANN	MEMBER	1.00	Director	$0	$0	$0
RICHARD HOLWEGER	MEMBER	1.00	Director	$0	$0	$0
BOB MILLER	MEMBER	1.00	Director	$0	$0	$0
LEROY JOHNSON	MEMBER	1.00	Director	$0	$0	$0
JAY THOMAS	MEMBER	1.00	Director	$0	$0	$0
CHARLINE KING	MEMBER	1.00	Director	$0	$0	$0
DEAN KROGEN	SEC/TRES/EXECUTIVE MEMBER (4/2025)	1.00	Officer Director	$0	$0	$0
DAVE LARSON	MEMBER	1.00	Director	$0	$0	$0
ANDY LEVOS	MEMBER	1.00	Director	$0	$0	$0
DARNELL LUNDSTROM	MEMBER	1.00	Director	$0	$0	$0
JEFF MISSLING	EX MEMBER/SEC/TREAS (4/2025)	1.00	Officer Director	$0	$0	$0
SHIRLEY MOEN	MEMBER	1.00	Director	$0	$0	$0
SCOTT PAUL	MEMBER	1.00	Director	$0	$0	$0
LAUREN PRANTE	MEMBER	1.00	Director	$0	$0	$0
LORI LIEBL	MEMBER	1.00	Director	$0	$0	$0
LOIS SULLIVAN	MEMBER	1.00	Director	$0	$0	$0
LARRY THOMPSON	MEMBER	1.00	Director	$0	$0	$0
RALPH THOMPSON	MEMBER	1.00	Director	$0	$0	$0
JAY TITUS	MEMBER	1.00	Director	$0	$0	$0
PATRICK SKUNES	MEMBER	1.00	Director	$0	$0	$0
MARY MCINTYRE	MEMBER	1.00	Director	$0	$0	$0
BEN FRANSON	EXECUTIVE MEMBER	1.00	Director	$0	$0	$0
JERRI RUST	EXECUTIVE MEMBER	1.00	Director	$0	$0	$0
SHANNON FULL	MEMBER	1.00	Director	$0	$0	$0
DAN CASH	MEMBER/EXECUTIVE MEMBER (4/2025)	1.00	Director	$0	$0	$0
TODD HANSEN	MEMBER	1.00	Director	$0	$0	$0
MONTE GEHRTZ	MEMBER	1.00	Director	$0	$0	$0
PHILLIP KELLER	MEMBER	1.00	Director	$0	$0	$0
DAVID COOK	MEMBER	1.00	Director	$0	$0	$0
BEN ZIEGLER	MEMBER	1.00	Director	$0	$0	$0
SCOTT AHLF	MEMBER (STARTED 4/2025)	1.00	Director	$0	$0	$0
DERRIK ELLINGSON	MEMBER (STARTED 4/2025)	1.00	Director	$0	$0	$0
JUSTIN GUSTOFSON	MEMBER (STARTED 4/2025)	1.00	Director	$0	$0	$0
BETHANY HARDWIG	MEMBER (STARTED 4/2025)	1.00	Director	$0	$0	$0
ILENE MCLEAN	MEMBER (LEFT 4/2025)	1.00	Director	$0	$0	$0
ERIK RAMSTAD	EXECUTIVE MEMBER(LEFT 4/2025)	1.00	Director	$0	$0	$0
JANIC RUSTAD	MEMBER (LEFT 4/2025)	1.00	Director	$0	$0	$0
CODY CASHMAN	GENERAL MANAGER	40.00	Officer	$192,115	$34,021	$226,136
CHERYL HERRE-ALTIZER	CFO (LEFT AUG, 2025)	40.00	Officer	$109,362	$23,878	$133,240

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$8,292,573	$7,773,549	$10,533,997	$519,024
2024	$9,466,412	$9,198,529	$9,150,832	$267,883
2023	$8,650,985	$8,330,473	$8,178,644	$320,512
2022	$7,102,343	$6,409,982	$8,063,580	$692,361
2021	$1,718,734	$1,754,337	$7,747,518	$-35,603
2020	$3,497,687	$3,389,535	$6,061,014	$108,152
2019	$3,065,471	$3,251,542	$6,396,829	$-186,071